STATESVILLE, NC - Laboratory furniture and fixture manufacturer Kewaunee Scientific (Nasdaq: KEQU) sales fell 5% in the third quarter, though it managed to increase profits by $100,000.
For the period ended January 31, 2014, net earnings were $604,000, up 10%, while sales fell were $26 million, a 5% decline from the $27.5 million in the year prior period.
"I am pleased with sales and earnings, particularly since the third quarter is historically our slowest due to normal construction cycles and the large number of holidays," said David M. Rausch, Kewaunee CEO. Domestic sales rose 5% to $21.5 million, as Kewaunee shipped several large domestic orders; international sales fell 36% to $4.5 million, a reflection of a robust period in the year prior.
"The domestic laboratory construction marketplace continued to be challenging during the quarter, as fewer project opportunities were available of all sizes, public and private," Kewaunee said in announcing its earnings. "However, incoming international orders were well above the third quarter last year, with a growing number of project opportunities in Asia and the Middle East."
Kewaunee says its order backlog was $69.8 million at January 31, 2014, up slightly from $69.5 million at October 31, 2013. International orders in the backlog increased, and Kewanee expects its order backlog to increase next quarter following a win of a large international contract.
Based in Statesville, NC, Kewaunee is among the largest custom architectural millwork firms in the U.S. Its manufacturing facility in Bangalore, India serves local and Asian markets.
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